Marine Pump Market: Introduction
- Pump is a machine that circulates fluids from one place to the other through a mechanical action. Marine pump refers to a pump that is used on board an offshore platform or ship.
- Depending on the characteristics of fluid to be circulated, the marine pump can be classified into positive displacement and dynamic. Positive displacement pumps are used where fluid viscosity is high. These include reciprocating pumps, piston pumps, gear pumps, and screw pumps. Dynamic pumps are used for fluids possessing low viscosity. These pumps include centrifugal, axial flow, and submersible pumps.
Key Drivers and Restraints of Global Marine Pump Market
- Increase in international sea borne trade activities is expected to drive the global marine pump market during the forecast period. According to the Review of Maritime Transport 2018, seaborne trade rose by 4% in 2017 from that in 2013. In ships, marine pumps are used to circulate fluids inside the machinery of vessel for several purposes such as fueling, heating, cooling, and lubrication.
- Rise in recreational water activities, logistics, and fishing, primarily in developing nations such as India, China, Brazil, and Mexico, is anticipated to fuel the demand for marine pumps during the forecast period. Furthermore, growth in number of cruise fleet due to the rise in passenger traffic is also expected to boost the market. According to the Florida Caribbean Cruise Association, global cruise passenger traffic increased by 4.5% in 2017 vis-à-vis that in 2016.
- Increase in investments in modernization and expansion of existing ports is estimated to propel the global marine pump market. According to the India Brand Equity Foundation, the Government of India aims to enhance its port capacity by 3,200 MMT by 2020.
- Technological innovations and advancements in design of pumps are expected to propel the global marine pump market during the forecast period. However, availability of alternate substitutes is a major factor expected to hinder the market between 2019 and 2027.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
Oil Sealed Segment Expected to Hold Major Share of Global Marine Pump Market
- The global marine pump market can be segmented based on type, flow rate, application, and region
- In terms of type, the global marine pumps market can be bifurcated into positive displacement and dynamics. The dynamics segment can be further categorized into centrifugal, axial flow, and submersible pump. Centrifugal pumps are extensively used in marine pumps owing to their low manufacturing costs and easy-to-operate features.
- Based on application, the global marine pumps market can be divided into cooling, fuel oil transfer, lube oil transfer, cargo stripping, and others. Pumps are extensively used in the marine industry to supply fluids for operation of stabilizers, steering gears, and hydraulic machinery.
Asia Pacific to Account for Significant Share of Global Marine Pump Market
- The global marine pump market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
- The marine pump market in Asia Pacific is expected to expand at a significant pace during the forecast period, due to the increase in investments in the development of shipbuilding infrastructure, primarily in developing countries such as China and India
- North America is also projected to hold large share of the global marine pump market during the forecast period, owing to the rise in technological innovation of pump design to enhance efficiency
- The marine pump market in Europe is likely to expand at a stable pace, owing to the increase in the demand for low cost and energy efficient pumps; and implementation of stringent regulations pertaining to carbon emissions
- The marine pump market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Global Market
Leading companies operating in the global marine pump market are:
- National Pump Company
- Shanghai SILI Pump Industry Co., Ltd
- KSB SE & Co. KGaA
- DESMI A/S
- Kirloskar Brothers Limited (India)
- HHI Engine & Machinery Division
- SPX FLOW
Global Marine Pump Market: Research Scope
Global Marine Pump Market, by Type
- Positive Displacement Pump
- Reciprocating Pump
- Screw Pump
- Gear Pump
- Piston Pump
- Dynamic Pump
- Centrifugal Pump
- Axial Flow Pump
Global Marine Pump Market, by Application
- Fuel Oil Transfer
- Lube Oil Transfer
- Cargo Stripping
Global Marine Pump Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.